TFSA Contribution Limit is Now $6,000 For 2019

TFSA Savings

For 2019 the federal government is showing their gift giving spirits by upping the Tax-Free Savings Account (TFSA) contribution limit from $5,500 to $6,000.

Well, technically this isn’t a true gift, but an expected updated. You see, the TFSA limit was set at $5,000 on its debut back in 2009, but because it is indexed to inflation every year and rounded to the nearest $500, it has been long planned it would be at $6,000 in 2019. The only exception to this was back in 2015 when the Conservative majority government temporarily had the limit set to $10,000.

If someone, who was old enough, had never contributed to a TFSA before, then the cumulative room is now $63,500 come January 1, 2019.

Here is a look back at TFSA’s historic chart on how we got here:

YearTFSA Annual LimitTFSA Cumulative Limit
2009$5,000$5,000
2010$5,000$10,000
2011$5,000$15,000
2012$5,000$20,000
2013$5,500$25,500
2014$5,500$31,000
2015$10,000$41,000
2016$5,500$46,500
2017$5,500$52,000
2018$5,500$57,500
2019$6,000$63,500

5 Comments

  1. Good to know. Haven't contributed into my TFSA (currently held at Questrade) in years. Honestly, i do wish the $10,000 limit returned. It was the last time i actually contributed. When it dropped i lost my motivation for whatever reason.

  2. People, just remember if you open/contribute to a TFSA investment account to be aware to limit foreign dividends. At least with USA dividends have a withholding tax (15-30%). Yikes! But then if your returns are much higher than its worth the risk.

  3. Yea thats great and all for those who can afford to lay money away for such a thing. 🙁

  4. Any descent savings accounts that have high TFSA interest rates? I'd do a GIC TFSA but the fear is the rate will drop or worse, i find a better rate but stuck locked in from moving.

  5. Thanks for the reminder. Almost forgot to withdrawal so i can create a new tfsa at another stock broker. Cheers mate!

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